Zedcrest, a Nigerian company that invests in debt and equity capital markets, has bought the Nigerian branch of RMB Stockbrokers for between ₦400 million and ₦420 million. A person familiar with the matter shared this information.

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This purchase is part of Zedcrest’s plan to expand its services and provide its clients access to Nigeria’s stock market. Last year, the market grew by 45% (a 26% increase from 2022) despite issues like inflation, exchange rate problems, and some major companies leaving the market. This growth was due to government policies and strong performance by companies.

Adedayo Amzat, the CEO of Zedcrest Group, said that combining RMB Nigeria Stockbrokers’ expertise in stockbroking with Zedcrest’s wide range of financial services will allow them to offer even more value to their clients. RMB Nigeria will be renamed Zedcrest Securities.

In 2024, the market has stayed strong even though foreign exchange instability and a tough business environment have affected consumer goods. During the first quarter, foreign investors took out more money than they put in as Nigeria’s economic conditions worsened to a 30-year low.

Layi Olaleru, CEO of RMB Nigeria Stockbrokers, expressed excitement about the opportunities this acquisition brings and assured clients that the transition will be smooth and their interests will be prioritized.

Meanwhile, Nigerian cloud service providers are lobbying the government and pension funds administrators (PFAs) for local data storage. Nigeria’s stock market has hit a 15-year high, but experts are cautious about investor movements.